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Robert Rivani Of Black Lion Investment Group Acquires Retail Property In Miami Beach For $62.5M

Property Image
SOLD
$62,500,000
Clay Sidner
Jeremy Hakala
Brandon Shores

Florida

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Office
Sold 04/12/2024
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Property Image
SOLD

Robert Rivani Of Black Lion Investment Group Acquires Retail Property In Miami Beach For $62.5M

1691 Michigan Avenue

See Similar Deals
Office
Sold 04/12/2024
Clay Sidner
Jeremy Hakala
Brandon Shores
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Office
Transaction Type:Sale

The retail property located at 1691 Michigan Avenue in Miami Beach was recently sold for $62,500,000. The property spans over 18,658 square feet of interior office space, 43,166 square feet of retail space, and includes a parking area of 318,000 square feet. The transaction took place on April 12, 2024.

Summary of transaction details:

The deal involved Robert Rivani from Black Lion Investment Group as the buyer, while Clarion acted as the seller. The transaction was facilitated by brokers Jeremy Hakala, Brandon Shores, and Clay Sidner from Newmark. This sale marks a significant investment in the Miami Beach retail market, indicating confidence in the area's commercial real estate opportunities.

Players

Jeremy Hakala
Newmark
Jeremy Hakala
17 deals$144.5M volume
BROKER
Clay Sidner
Newmark
Clay Sidner
13 deals$144.5M volume
BROKER
Brandon Shores
Newmark
Brandon Shores
1 deal$62.5M volume(305) 350-0926
BROKER

Details

SOLD
IMAGE: Jeremy Hakala, Robert Rivani, Clay Sidner & Brandon Shores DATE: 04/12/2024 ADDRESS: 1691 Michigan Avenue MARKET: Miami Beach ASSET TYPE: Retail BUYER: Robert Rivani (@Robert_Rivani) - Black Lion Investment Group SELLER: Clarion BROKER: Jeremy Hakala (@HakalaJeremy), Brandon Shores & Clay Sidner - Newmark (@Newmark) SALE PRICE: $62,500,000 INTERIOR OFFICE SF: 118,658 RETAIL SF: 43,166 PARKING SF: 318,000

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$3,333,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$222,049.31
Cash-on-Cash Return-1.27%
Monthly Debt Service$296,281.89
Annual Debt Service$3,555,382.63